Specialist lender Paragon Development Finance signals greater expansion into care sector by backing Macc Care's 21st home development.
Midlands-based operator Macc Care is to begin developing it's 21st home after securing backing from specialist lender Paragon Development Finance, which is looking to "diversify into sectors increasingly critical to the UK's long-term housing and care needs".
Paragon Development Finance has strengthened its position in the UK care home development market with a new funding deal to support the delivery of a 71-bed purpose-built scheme in Birmingham.
The specialist lender said it is financing MACC Care Properties to acquire a brownfield site on Shaftmoor Lane in Hall Green, Birmingham, and to develop a 44,132 sq ft, 72-bed purpose-built care home. The completed asset is expected to achieve a mature trading value in excess of £25m and will represent the operator’s 21st home, according to the real estate financing arm of the Paragon Banking Group, which is also Midlands based.
The move reflects the group's aim to expand beyond traditional residential development into later living and care due to structural demand driven by population ageing and rising complexity of care needs, it said in a statement published this week.
Macc Care chief executive Dr Naz Nathani said the new development reflects the group's focus on "scaling a clinically led, innovative care platform, creating high-quality, luxury care environments", and said the provider "valued the collaborative approach" taken by Paragon to "structure a bespoke, sector-aligned funding solution that recognised the specific requirements of specialist care assets".
"As we continue to expand our platform, we look forward to building on this relationship and undertaking further transactions with Paragon to support our ongoing growth," he added.
